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Meritage Announces New Board Member Addition

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GRAND RAPIDS, Mich., Aug. 14, 2018 (GLOBE NEWSWIRE) -- Meritage Hospitality Group, Inc. (OTCQX:MHGU), one of the nation's premier restaurant operators, today announced that the Company's Board of Directors appointed Dirk J. Pruis to serve on the Board of Directors and Audit Committee until the Company's 2019 Annual Shareholders Meeting.

"We are delighted to have Dirk Pruis join the Company's Board of Directors, as he brings a wealth of financial and operations experience from his distinguished career at Goldman Sachs. While at Goldman Sachs Mr. Pruis served in a number of senior level financial management positions including most recently Operations Division Chief of Staff and Bank Relations & Market Infrastructure global head. Mr. Pruis is currently a faculty member in the Business Department at Calvin College in Grand Rapids, MI, where he teaches accounting and finance," stated Company CEO Robert Schermer, Jr.
                 
The Company 2018 Full-Year Financial Targets: Solid Growth Ahead

  • Sales growth of 40% - 50%
  • Income from Operations growth of 55% - 65%
  • Net Earnings growth of 45% - 55%
  • EBITDA growth of 40% - 50%
  • Common stock dividend growth of 50% - 100%

Meritage continues to distinguish itself as a leader and innovator in the quick service restaurant segment, striving for best in class results through a performance culture committed to operational excellence, strategic acquisitions and real estate development.

About Meritage

Meritage Hospitality Group is one of the nation's premier restaurant operators, with 311 restaurants in operation located in Arkansas, Connecticut, Florida, Georgia, Indiana, Massachusetts, Michigan, Missouri, Mississippi, North Carolina, South Carolina, Ohio, Oklahoma, Tennessee, Texas and Virginia. Meritage is headquartered in Grand Rapids, Michigan, operating with a workforce of approximately 10,000 employees. The Company has approximately 6.2 million (basic) common shares outstanding. The Company's public filings can be viewed at www.otcmarkets.com, under the stock symbol MHGU, or the Company's website www.meritagehospitality.com.

SAFE HARBOR STATEMENT
Certain information in this news release, particularly information regarding future economic performance and finances, and plans, expectations and objectives of management, constitutes forward-looking statements.  Factors set forth in our Safe Harbor Statement, in addition to other possible factors not listed, could affect the Company's actual results and cause such results to differ materially from those expressed in forward-looking statements.  Please review the Company's Safe Harbor Statement at http://www.meritagehospitality.com.  

CONTACT: Robert E. Schermer, Jr., CEO
Meritage Hospitality Group Inc.
616-776-2600

 

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